Is my property eligible for a UHomeLoan?
In some instances, where you are requesting new lending or a variation to existing lending held at ubank, we may require a credit assessment to determine if we can offer the product. We love to be as transparent as possible when it comes to our criteria.
The following criteria needs to be met for your property in order to be eligible for lending with ubank including, but not limited to, the ones listed below.
City and regional properties must be:
- Residential in nature and zoned accordingly;
- No greater than 2.2 hectares (5 acres); and
- Accessible with unrestricted road access.
Rural residential properties must be:
- No greater than 10 hectares (25 acres);
- Not income producing in nature (unless it’s rental income from tenants); and
- The mains electricity is connected to the property — This is where the electricity supply is already hooked up to the property
Units/flats/apartments must be:
- A minimum of 50 square metres (car spaces and/or balconies can be considered part of the total property area);
- On a separate Certificate of Title and
- At least 1 bedroom unit.
Some of the types of properties that ubank do not accept include:
- Commercial zoned properties;
- Owner-builder construction projects;
- Newly constructed properties that are first purchases or that have not been lived in for at least six months;
- Mobile and kit homes (i.e. transportable properties);
- Company share titles and Stratum titles;
- Community titles (excluding SA, QLD, and NSW);
- Display homes;
- Serviced apartments;
- Student accommodation;
- Age-restricted properties;
- Resort style properties;
- Third party securities;
- Off-the-plan properties;
- Land only or land and building packages;
- Speculative residential security; or
- Rural properties that are working agricultural properties.